Where a contract provides that an expert determination is 'final and binding' except in the case of 'manifest error', that clause limits the grounds for challenging any valuation under the contractual scheme — errors falling short of manifest error, including factual mistakes, irrationality, and non-compliance with valuation methodology requirements, do not render the valuation ineffective. The parties' freedom to agree on the consequences of error in expert determinations is not constrained by any overarching principle. The Mayne Nickless requirement that vitiating errors must appear on the face of the valuation is not binding in Queensland.
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